Fixed assets
saurabh gupta (72 Points)
07 September 2020
can we claim ITC and depriciation both on fixed assets.
3 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 07 September 2020
Yes, you can claim..
You can claim ITC of GST Paid
and Depreciation on Fixed Assets on amount excluding GST which is capitalised to books of account, if not blocked u/s 17(5) of CGST Act, 2017.
E.g. Fixed Assets of Value 1,00,000 with GST 12% total 1,12,000 Purchased than..
In this case You can Claim 12,000 GST as ITC and remaining 1,00,000 to be capitalised as fixed assets in books of account and can claim depreciation on that 1,00,000 at prescribed rate.
You can claim ITC of GST Paid
and Depreciation on Fixed Assets on amount excluding GST which is capitalised to books of account, if not blocked u/s 17(5) of CGST Act, 2017.
E.g. Fixed Assets of Value 1,00,000 with GST 12% total 1,12,000 Purchased than..
In this case You can Claim 12,000 GST as ITC and remaining 1,00,000 to be capitalised as fixed assets in books of account and can claim depreciation on that 1,00,000 at prescribed rate.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 07 September 2020
Welcome...............
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
